Briefcase: January 19, 2006

January 19, 2006

NEW YORK

Tech sector concerns spark selling mood

Disappointing tech sector earnings set off a second day of selling on Wall Street Wednesday, though the markets showed strength in the face of a major sell-off in Japan. The tech-dominated Nasdaq composite bore the brunt of investors' concerns. The tech-focused Nasdaq composite index fell 23.05, or 1 percent, to 2,279.64. The other major stock indicators also fell, though not as much. The Dow Jones industrial average dropped 41.46, or 0.38 percent, to 10,854.86, and the Standard & Poor's 500 index lost 5.00, or 0.39 percent, to 1,277.93. PETOSKEY, MICH.

Schurz purchasing Petoskey paper

Schurz Communications Inc. of South Bend has agreed to buy the Petoskey News-Review and its parent company, Northern Michigan Review Inc. Elsa Schaller-DeWitt, president of Northern Michigan Review, announced the sale at a staff meeting Wednesday. The sale is expected to be completed by early March. Terms were not disclosed. Northern Michigan Review also owns newspapers in Charlevoix and Gaylord, Mich. The Petoskey News-Review publishes Monday through Friday and has a circulation of a little more than 11,000 daily. Schurz Communications owns the South Bend Tribune. LANSING

Michigan jobless rate dip is first since 2000

Michigan's annual unemployment rate dropped for the first time since 2000 last year, but the state remained well above the national average. The state's annual jobless rate was 6.8 percent, down from 7.1 percent in 2004. Its seasonally adjusted jobless rate for December was 6.7 percent, up one-tenth of a percent from November, state officials announced Wednesday. The U.S. unemployment rate for December was 4.9 percent. Despite the improvement in the state's annual rate, most economists expect annual unemployment will edge up this year and again in 2007. WASHINGTON

Energy costs inflate consumer prices 3.4%

Record prices for gasoline and other fuels sent inflation rising in 2005 at the fastest pace in five years, and hopes for a slower increase this year could be dashed if energy costs keep surging. Consumer prices rose by 3.4 percent in 2005 with 40 percent of the increase blamed on the biggest jump in energy costs since 1990. Earlier this week, crude oil prices surged to 3 1/2-month highs, reflecting worries about a standoff with Iran over its nuclear program and supply disruptions due to violence in Nigeria. Prices did retreat slightly Wednesday, falling below $66 per barrel. WASHINGTON

Junk food foes sue Nickelodeon, Kellogg

Advocacy groups and parents are suing the Nickelodeon TV network and cereal maker Kellogg Co. in an effort to stop junk food marketing to kids. The plaintiffs are citing a recent report documenting the influence of marketing on what children eat. Ads aimed at kids are mostly for high-calorie, low-nutrition food and drinks, according to the government-chartered Institute of Medicine. The lawsuit seeks to stop the companies from marketing junk food when 15 percent or more of the audience is 8 years old or younger.